Epress.am News from Armenia
Eastman Kodak, the once mighty icon of the photography industry, filed for Chapter 11 bankruptcy protection Thursday, CNNMoney reports.
Kodak said it has obtained $950 million in financing from Citibank to maintain operations. The company said the credit facility is still subject to court approval.
Kodak said it has enough liquidity to continue to operate during the bankruptcy process.
Kodak acknowledged, in its Chapter 11 filing, that it had more than 100,000 creditors, with debts totaling $6.75 billion.
Kodak has long struggled to evolve from film and compete in the digital age, even though it was an early pioneer of digital photography.
Bankruptcy rumors have dogged the company for months.